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Bank Northwest

Bellingham, WA · Cert 34421

FDIC

Q4 2003

$104.5MAssets
$96.2MLoans
$89.0MDeposits
$8.2MEquity
Loan mix
42%RE $19.2M56%C&I $25.8M3%Consumer $1.3MQ4 2002Q4 2003
Deposit mix
83%Interest-bearing $73.7M17%Noninterest $15.3MQ4 2002Q4 2003

NIM

8.35%Q4 ’018.11%Q4 ’027.17%Q4 ’03+16%-9%

Non-interest income vs. expense

5.95%Q4 ’015.96%Q4 ’024.78%Q4 ’03-26%+5%

Executive Summary

  • Earnings: ROA of 1.39%, up 48 bps year over year; NIM at 5.60%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.05%.
  • Funding: loans stand at 108.12% of deposits as of Q4 2003.

Financial Results

Return on Assets (quarter, annualized)

1.39%+48 bps YoY

Net Interest Margin (quarter, annualized)

5.60%-54 bps YoY

Efficiency Ratio (quarter, annualized)

75.10%+321 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets0.91%0.43%1.20%0.78%1.39%+48 bps
Return on Equity10.59%4.90%13.75%9.48%17.50%+692 bps
Net Interest Margin6.14%5.25%5.72%5.14%5.60%-54 bps
Efficiency Ratio71.88%82.54%72.25%77.16%75.10%+321 bps
Non-Interest Burden3.81%4.04%3.64%3.65%4.02%+21 bps
Growth
Asset Growth (YoY)40.09%43.02%44.95%34.73%34.37%-573 bps
Loan Growth (YoY)55.57%53.03%46.33%30.44%37.60%-1,796 bps
Deposit Growth (YoY)29.09%39.10%39.82%41.53%43.16%+1,407 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.04%0.09%-0.01%0.00%0.05%+9 bps
Allowance / Loans1.19%1.27%1.40%1.56%1.41%+22 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/a
Total Risk-Based Capital10.62%11.26%10.82%10.62%9.79%-82 bps
Equity / Assets8.41%9.05%8.38%8.04%7.86%-55 bps
Liquidity & Funding
Loans / Deposits112.49%108.57%109.62%97.80%108.12%-437 bps
Liquid Assets / Assets0.06%0.54%2.04%5.52%0.01%-5 bps
CRE / Total Capitaln/an/an/an/an/an/an/a